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The New Year, a new home? Follow These Steps to Get Ready for the 2023 Market Advice for Sellers

1. Purge and organise
After the holidays is a fantastic time to get rid of whatever you don't need, advises Tammy Trenholm of Redfin Charleston."Make a decision about what you want to keep, then pack and store whatever you won't need right away in your new house. Make sure to straighten up your pantry and closet organization. This will demonstrate your storage capacity.”

2. Paint interior and exterior

First impressions are crucial. Make sure interior spaces are recently painted in a neutral tone, said Trenholm. “A new coat of paint or stain is periodically needed on the front door. The outside should be power-washed and painted as needed."

3. Improve Your Home's Value by Making Updates

According to Chelsea Traylor of Redfin Washington D.C., you should speak with your agent about any modest adjustments you may make that might have a significant effect on potential home buyers. A kitchen backsplash or new hardware installed throughout the home may make a big difference.
The likelihood that one or more purchasers will submit an offer at your list price, if not more, is increased, according to Traylor, the more value a buyer perceives in a property.

4. Interact with and work with your neighbours

If you have neighbours close by, purchasers will probably be interested in how well your neighbours maintain their houses, according to Traylor. If you share a corridor or a yard, inform your neighbours of your intention to sell and politely request that they clean up. When you decide to sell, a quick and lucrative transaction only bodes well for your neighbours.

5. Set Your Home's Price to Sell

In order to determine the appropriate listing price, Traylor advises looking at important market factors including recent sales, pricing patterns, and inventories. Avoid both overcharging and undercharging. Underpricing might result in you as the seller leaving money on the table, while overpricing could frighten away prospective buyers who might assume a seller isn't being realistic. Redfin agents employ a technologically advanced tool for a comparative market study to assist sellers choose the appropriate price. To generate as much attention from the purchasing community as possible, work with your agent to design the best pricing plan so that your list price is either at or slightly below market value.

Advice for Buyers
1. Reduce new purchases and credit card spending

"Make a commitment to modifying your shopping habits. Your credit score may be raised by using credit cards less frequently, refraining from applying for new cards, and avoiding making significant expenditures, according to Miami Redfin realtor Jessica Johnson. "Occasionally, a few more points will boost your approval for the purchase price or improve your rate. What better time of year to start new routines?

2. Determine how the new tax legislation affects you.

The conforming loan ceiling has also been raised, according to Redfin realtor Daniel Close. "The newly enacted 2017 tax package effects numerous financial variables when buying a house," he continues. You should familiarize yourself with a few modifications that buyers in 2017 were not required to take into account.

3. Increase Savings

If you haven't already, review your finances and create a monthly budget to begin saving for a down payment, advises Redfin San Francisco realtor Miriam Westberg. Think of additional methods to contribute to your savings account if you already have one. Can you reduce your monthly spending in another area to generate greater savings? Remember to also plan for forthcoming tax payments and/or refunds!


4. Receive preapproval

According to Redfin realtor Danielle Parent in Cleveland, many sellers won't even consider an offer without a letter of pre-approval. Therefore, it's essential to locate a local lender with a good reputation for timely closing and obtain pre-approval before you make an offer.
“Due to the intense competition in the market, the sellers have asked me to obtain a pre-approval from a nearby bank. In cases when there are several offers, if you have a pre-approval for an FHA loan with 3.5 percent down, you should check to see if you can qualify for a conventional loan with 5 percent down. This will increase the competitiveness of your offer.”

5. Select the Appropriate Selling Period

Many markets don't need sellers to wait until spring in order to sell fast, according to Redfin Phoenix realtor Raegan Kraft.
The busiest selling seasons for homes in the Phoenix area are the spring and summer. However, she added, "There are also more sellers and greater rivalry at that time since there are more purchasers.”In the end, sellers should sell when it is most advantageous for them to do so. Beginning in January is a wonderful time to list since both existing 2022 buyers and new ones will start searching, and the inventory will be depleted.

6. Be accommodating with sellers

By meeting the seller's demands, you may increase your competitiveness, advises Parent. "I frequently inquire about the seller's preferred closing date from the listing agent since it might be taken into account when comparing bids. My buyer's readiness to close when the seller needs to has helped me get offers. The seller will find your offer more tempting the more flexible you can be with it.


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